Employees who receive financial support at work are almost four times as likely to want to share money concerns with their organisation, according to new research.
Affordability - competing with budget for other business needs - was cited as the biggest challenge in supporting the health and wellbeing of staff, by 30% of employers.
Employers need crucial advice on how to support the wellbeing of individuals who are struggling to keep up with the cost-of-living crisis, and are now turning to multiple jobs or new ways to support themselves.
Employers must urgently break down social taboos around workplace money talk and encourage their employees to share their financial concerns with their colleagues.
The COLC is causing more financial stress for female employees, with 48% of them experiencing 'very' or 'somewhat' stress compared to less than 1/3 of male employees.
Financial stability has become an essential component of overall health and wellbeing. It can affect people's mental and physical health and significantly impact performance and concentration levels in the workplace.
Seven in 10 (72%) UK employees admit out-of-pocket work expenses are impacting their personal finances, while six in 10 (61%) feel anxious as a result of having to cover business spend.